AuctionNet, an online network that provides wholesale price and sales data for used vehicles, is retooling to become more user-friendly.
AuctionNet compiles and supplies data from more than 160 members of the auction association. Those auctions handle almost 700,000 transactions a month -- 85 percent of all wholesale vehicle auction transactions in the United States.
The N.A.D.A. Official Used Car Guide Co. and National Auto Auction Association jointly own the venture.
The guide company, which manages AuctionNet, is a subsidiary of the National Automobile Dealers Association. Company COO Scott Lilja told Automotive News that AuctionNet will roll out revisions by the third quarter of 2006.
Lilja says the revisions will make it easier for users to obtain and analyze the AuctionNet data.
Ray Nichols is an independent auction owner and chairman of the marketing committee that oversees AuctionNet. He says the network now presents information as raw data. Users must integrate the data with a program such as Excel, which requires technical expertise, Nichols says.
"We hope this will make it available to a lot more users," Nichols, CEO of BSC American Cos. in Bel Air, Md., told Automotive News.
When a vehicle is sold at a participating auction, AuctionNet records its vehicle identification number; its wholesale transaction price; and details such as make, model, body style, mileage and optional equipment.
The system also notes whether the seller was an automaker, dealer, or fleet or lease company. It discloses whether a vehicle has a salvage title and in what region it was sold.
A one-year subscription to AuctionNet, with access to weekly updates, costs $24,000. About 30 third-party customers buy AuctionNet data, Lilja says.
The network's primary customers are automakers, commercial banks, fleet and lease companies, used-car retailers and industry analysts. Lilja says customers use the data to study trends.
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